3. You are given the following estimates of a firm's Free Cash Flow to the Firm (FCFF) and Free Cash Flow to Equity (FCFE) - all figures are in $Millions. You estimate that the firm's TEV/EBITDA multiple in year 5 is 9x. The firm has a $3 Billion in Debt and 24 Million shares outstanding. Estimate the intrinsic value of a share of the firm's equity assuming a 9% WACC (and assume that the firm holds no excess cash) Year EBIT Depreciation Expense Net Income FCFF FCFE 1 440 120 280 480 440 2 460 160 336 512 464 3 485 196 360 544 512 4 520 200 416 576 544 5 560 240 432 600 512